Stop! Your Lease Extension in Bishops Stortford Could Be FREE

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Many leaseholders in Bishops Stortford are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Bishops Stortford has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to commence your Bishops Stortford lease extension

Why you should start your Bishops Stortford lease extension today:

Increase your lease and increase your Bishops Stortford property value

On the balance of probabilities if you own a flat in Bishops Stortford you actually own a long leasehold interest over your property

Bishops Stortford property with a lease extension has roughly the same value as a freehold

It is generally accepted that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for many years ahead.

Lenders will not issue a mortgage with a short lease

The propensity since 2008 has been for mortgage companies to tighten lending criteria generally - this has extended to the property over which the mortgage is to be charged. This has resulted in the unexpired lease term required by lenders has increased. Historically lenders were content with twenty years plus the term of the loan - typically 50 year leases but those requirements have been chipped away by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

Lender Requirement
Leeds Building Society 85 years remaining from the start of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Bishops Stortford?

The conveyancers that we work with handle Bishops Stortford lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Bishops Stortford Lease Extension Case Summaries:

Matthew, Bishops Stortford, Hertfordshire

Last October Matthew, started to get near to the eighty-year mark with the lease on his purpose- built apartment in Bishops Stortford. In buying his property two decades ago, the length of the lease was of little concern. Thankfully, he noticed he needed to take steps soon on a lease extension. Matthew was able to extend his lease just in the nick of time in September. Matthew and the landlord ultimately settled on sum of £6,000 . If the lease had gone to less than 80 years, the sum would have become more costly by a minimum £950.

Bishops Stortford case:

Last Spring we were phoned by Mr and Mrs. N Fournier , who completed a garden apartment in Bishops Stortford in February 1996. We are asked if we could estimate the premium could be to extend the lease by 90 years. Comparable flats in Bishops Stortford with 100 year plus lease were in the region of £255,000. The average ground rent payable was £50 collected every twelve months. The lease came to a finish in 2096. Having 70 years outstanding we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus professional charges.

Bishops Stortford case:

Last month we were approach by Mr and Mrs. U Phillips , who acquired a one bedroom flat in Bishops Stortford in April 2003. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by 90 years. Comparable flats in Bishops Stortford with an extended lease were worth £246,800. The mid-range amount of ground rent was £60 invoiced monthly. The lease lapsed on 25 July 2076. Taking into account 50 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £44,700 and £51,600 exclusive of legals.